CEO Done In By Gambling Addiction
Credit Union Journal Daily Briefing | Monday, December 3, 2012
Schaal, 66, who served as credit union’s president from 1996 to 2011, made the admission in July as her marriage ended and other legal trouble loomed, including a civil suit brought by the credit union over alleged stolen funds and criminal charges filed by the state. Schaal’s husband filed for divorce in May.
State prosecutors charge that Schaal embezzled funds to help pay for her gambling addiction.
Schaal’s legal issues began in April when the $2 million credit union accused her of posting phantom payments to a general and personal credit union accounts, taking cash and using the credit union’s credit card for personal expenses, among other things, the lawsuit states. Additionally, she failed to make a required tax filing on the credit union’s behalf, which cost the credit union around $13,400, and made an error related to member credit cards that required the credit union to refund money to some members, the suit alleges.
The lawsuit was in court for a brief hearing on Thursday. Neither Schaal, who has denied the suit’s allegations, nor her attorney was in court.
According to court records, a gambling addiction led her to steal from the credit union as well as lose some $580,000 that belonged to her and her husband.
According to her divorce agreement, filed with the state’s probate court, Schaal’s ex-husband gets to keep their Sugar Grove home and he will provide her with $60,062 to help pay for legal fees in upcoming civil and criminal cases.
http://www.cujournal.com/dailybriefing/13_996/credit_union_manager_gambling_addiction-1016730-1.html
CU Manager Charged With Stealing To Feed Gambling Habit
Credit Union Journal Daily Briefing | Monday, September 24, 2012
Anne Schaal, 66, had been with the credit union for more than two decades and was president until earlier this year, when an audit revealed accounting irregularities.
Schaal has also been sued by the credit union.
In May, the credit union sent a letter to about 600 members advising them of an investigation into a possible theft by a longtime employee. In the letter, then credit union President Cletus Rettenmeier said an auditor determined the credit union suffered a $35,455 loss. Additionally, the credit union had spent about $70,000 investigating the irregularities, the letter said.
In the letter to credit union members, Rettenmeier wrote that the problems “included failing to file tax forms over a number of years, failing to post or improperly posting transactions. Many of these transactions involved (Schaal’s) personal accounts. Additionally (Schaal) was using the corporate credit card to make personal purchases.”
Ex-president of Firefighters Credit Union charged with theft
By Matt Hanley and Dan Campana mhanley@stmedianetwork.com
September 20, 2012
AURORA — The former president of the Aurora Firefighters Credit Union has been charged with stealing more than $30,000 from the organization over five years.
Anne Schaal, 66, of the 0-99 block of Birchwood Court, Sugar Grove, is charged with felonies theft and unlawful use of a credit card, according to the Kane County court records. Schaal had been with the credit union for more than two decades and was president until earlier this year, when an audit revealed accounting irregularities.
Schaal has also been sued by the credit union. That case is due in court Friday.
In May, the credit union sent a letter to about 600 members advising them of an investigation into a possible theft by a longtime employee. In the letter, then credit union President Cletus Rettenmeier said an auditor determined the credit union suffered a $35,455 loss. Additionally, the credit union had spent about $70,000 investigating the irregularities, the letter said.
In the letter to credit union members, Rettenmeier wrote that the problems “included failing to file tax forms over a number of years, failing to post or improperly posting transactions. Many of these transactions involved (Schaal’s) personal accounts. Additionally (Schaal) was using the corporate credit card to make personal purchases.”
Rettenmeier did not elaborate what those personal purchases were. A small number of individual accounts were affected by the errors, but corrections to those accounts were made in December, he said. Credit union membership is limited to firefighters and their families.
Credit union officials filed an initial report in December 2011, but Schaal indicated she wanted to repay the money, Rettenmeier said. Rettenmeier said the credit union board gave Schaal until March 1 to respond to a request for restitution. Schaal made no proposal for restitution and on March 7, credit union leaders told police that they wanted to pursue criminal charges, Rettenmeier said.
Credit union officials could not be reached for comment Thursday. Schaal’s attorney could not be reached for comment Thursday, but in court records he denies the credit union’s claims.
Former Aurora credit union president stole to gamble: court records
She faces up to seven years in prison on the most severe theft charge that she stole more that $10,000 from January 2006 through November 2011. Probation also is an option.
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